Mumbai, Aug 24 (PTI) The rupee settled with a marginal gain of 1 paisa at 95.70 against the US dollar on Monday, supported by the inflow of foreign funds in domestic equities. Forex traders said the USD/INR pair traded in a narrow range as rising Brent crude prices, persistent importer demand, and concerns over new US sanctions targeting Iran weighed on investor sentiment. At the interbank foreign exchange, the rupee opened at 95.65, then touched an intraday high of 95.64 and a low of 95... ... ...

Toronto, Aug 24 (AP) Ontario Premier Doug Ford said Monday in an interview with The Associated Press that Ronald Reagan would be “throwing up” over President Donald Trump's trade policies and threatened to cut off electricity and critical minerals to the United States if the escalating Canada-US trade fight worsens. Ford said Trump has underestimated Canadians' willingness to endure economic pain rather than give in to US pressure. “He underestimates Canada. We're all in,” Ford said. “Up h... ... ...

GST taxability of a put option concerns whether a shareholder's contractual right, without an obligation, to require another shareholder group to purchase specified economic-rights shares constitutes a supply of services. The issue is whether granting that right under a shareholders' agreement is taxable where no separate consideration is paid to the company for its grant.

Mandatory Biometric Update camps have been launched in schools across Tamulpur district, Assam, for eligible students aged 5 to 17 years to update Aadhaar biometrics. Aadhaar biometrics require updating on attaining five years of age and again on attaining fifteen years. Timely updating supports continued Aadhaar authentication and helps avoid difficulties in accessing services where authentication is applicable, including school admissions, entrance-examination registration, scholarships and Direct Benefit Transfer schemes.

Electricity tariff increase in Jammu and Kashmir has been opposed as imposing an unjustified and unaffordable financial burden on domestic consumers amid rising household costs. Immediate review and withdrawal of the increase are sought, together with measures to reduce electricity costs for domestic consumers, particularly economically weaker sections, and ensure affordable, reliable power supply.

Wheat and wheat-product exports are liberalised with immediate effect by revising their export policy from prohibited to free. The change covers wheat, wheat flour, maida, semolina and wholemeal atta, replacing the earlier export-ban framework and simplifying exports previously permitted through licences. The measure aims to support farmers amid depressed domestic prices, while adequate domestic availability and buffer stocks are expected to meet demand and moderate consumer prices.

Food safety enforcement measures resulted in suspension of food licences or registrations where establishments failed hygiene, food handling, storage, refrigeration, sanitation and licensing requirements. Deficiencies included unsafe temperature control, unclean refrigeration equipment, improper food storage and thawing, inadequate sanitisation, deteriorated or expired materials, deficient oil-quality checks, artificial colouring, pest infestation, cross-contamination risks and inadequate drainage. One outlet was also found to be operating under the name of an establishment without a valid food licence, resulting in suspension of its registration certificate.

Appointments to the Reserve Bank of India's Central Board expand its part-time, non-official director membership. Syed Akbaruddin, Annie George Mathew and Janmejaya Kumar Sinha have been appointed for four years from 24 August 2026, or until further orders, whichever occurs earlier. The Central Board also includes the Governor, deputy governors, the economic affairs secretary and the financial services secretary.

Statutory appeals against externment orders must be filed within the prescribed limitation period. A substantial delay, unsupported by a bona fide explanation before either the appellate authority or the High Court, does not justify interference with dismissal as time-barred. Although the High Court may condone delay in an appropriate case, that power depends on a genuine explanation and cannot be used to bypass a statutory limitation regime that does not permit condonation. The time-barred dismissal of the statutory appeal therefore remained undisturbed.

Foreign investment received as share capital, share premium and compulsorily convertible debentures is not taxable as unexplained cash credit where investment agreements, tax-residency certificates, inward-remittance records, audited financial statements and cross-border verification establish the investors' identity, creditworthiness and transaction genuineness, and remain unrebutted. Interest on debentures is allowable where the underlying investment or loan stands accepted and no distinct basis supports disallowance. Employees' provident fund contributions paid after the prescribed statutory due date are not deductible, consistently with Checkmate Services Pvt. Ltd.

Transfer-pricing adjustments require a fair opportunity for proper examination and verification of the taxpayer's transfer-pricing study report before determining the arm's length price. Where the report is furnished shortly before the transfer-pricing order and insufficient time is available for review, fairness requires fresh consideration. The assessment, transfer-pricing and Dispute Resolution Panel orders were set aside, with the matter restored for de novo transfer-pricing adjudication after examination of the study report.

Penalty notices for concealment of income or furnishing inaccurate particulars must specify the exact charge by striking out the inapplicable statutory limb. Retaining both alternatives without clarification fails to give the taxpayer clear notice of the allegation and impairs an effective defence. Such ambiguity vitiates initiation of penalty proceedings. The defect applied to both assessment years, rendering the penalty notices invalid and the penalties unsustainable; the penalties were deleted.

Revisionary jurisdiction cannot be exercised on an incorrect factual premise where the assessment record shows that the Assessing Officer examined and accepted the explanation for cash deposits. The revision relied on a deposit figure inconsistent with departmental bank details, while the assessment had already obtained information, considered the taxpayer's response and made no addition. The alleged inadequate enquiry was therefore factually unsustainable, rendering the revision order without valid jurisdiction and liable to be quashed.

Reassessment based on alleged accommodation-entry information requires the Assessing Officer to independently form a reason to believe that taxable income escaped assessment. Investigation material alone is insufficient where the assessee's explanation and records are not properly examined. Treating a share issue as unsecured loans, despite contrary material, and relying on factual errors undermines the reopening. Where the income forming the recorded basis for reopening is explained or does not survive, another income identified during reassessment cannot be independently assessed. The reassessment is therefore void and consequential additions cannot survive.

Section 153A assessments cannot sustain additions for alleged unexplained construction investment where the search yields no incriminating material. Construction expenditure recorded in balance sheets, with stated funding sources and no admission of undisclosed investment, cannot be treated as unexplained merely on the basis of a post-search departmental valuation report. A valuation report obtained after search is only an estimate of construction cost and does not itself constitute incriminating material. Consequently, additions lacking a nexus to seized material are impermissible under Section 153A, and the relevant assessments were quashed.

Alleged unaccounted credits cannot be sustained solely on third-party diary entries and the statement of an entry operator's son where no substantive independent evidence links the deposits or transactions to the assessee. Names entered in a diary on the deceased operator's oral instructions create, at most, a reasonable probability and do not establish that the assessee deposited funds into the operator's bank accounts. In the absence of corroborative evidence, the addition is unsustainable; deletion of the addition was upheld.

Ex parte reassessment additions for unexplained bank credits, capital receipts from sale of immovable property, and commodity transactions remained unchallenged because no return of income, response to statutory notices, or supporting evidence was furnished. Repeated adjournments did not result in production of material before either the first appellate authority or the Tribunal. Without evidence substantiating the challenges to the additions, no relief was available and the additions were confirmed.

Closing-stock valuation cannot be increased solely because a higher approximate value was declared to a bank where audited books, quantitative records, and the consistently applied cost-or-net-realisable-value method show no defect or discrepancy. Bank declarations do not displace book valuation unless the Revenue identifies unrecorded stock or inaccuracies in the books or stock records. The distinguishable precedent concerned stock omitted from the books. The addition for alleged undervaluation of closing stock was therefore deleted.

Long-term capital gains from shares acquired through an IPO, held in demat form and sold through a recognised stock exchange cannot be treated as unexplained cash credit merely on a general penny-stock investigation report. Documentary proof of subscription by account-payee cheque, demat holding, banking trail, exchange-based sale and securities transaction tax supports genuineness unless rebutted by assessee-specific evidence. The gain remained eligible for exemption and the related addition was deleted. Once the share transactions were accepted as genuine, no basis remained to infer commission paid for arranging a bogus entry; the estimated unexplained expenditure addition was also deleted.

Limited remand proceedings cannot revive an unexplained-investment addition already deleted in an earlier appellate round. The Assessing Officer must remain within the defined remand scope, which concerned determination of actual shareholding using relevant information. Interest expenditure linked to dividend and other income from shareholding is deductible under Section 57 without further verification where that nexus has already been conclusively recognised. Interest under Section 234D is not chargeable where no refund was issued on processing of the return. Interest under Section 220 must be recomputed, if applicable, on total income determined after giving effect to appellate directions.